By Mass Communication Specialist 3rd Class Ramon G. Go
YOKOSUKA, Japan (Dec. 5, 2012) – USS George Washington (CVN 73) Sailors attended a two-day financial program Dec. 4-5.
Million Dollar Sailor is a two-day training program offered by Commander, Fleet Activities Yokosuka (CFAY) to Sailors that helps build awareness of financial decisions and its outcomes.
“There are many young Sailors who need to learn how to better manage their money,” said Patricia Marino, personal financial manager at CFAY. “Million Dollar Sailor course helps combat the most common financial issues by providing them with sound financial management skills throughout their military career and achieve financial freedom.”
Sailors may use the benefit of their cost of living allowance to save even more money and set themselves apart from people who don’t take advantage of the extra cash in their bank account.
“I signed up for the million dollar sailor class to learn to manage my budget better and to develop better spending habits while I am still young,” said George Washington’s Boatswain’s Mate Seaman Recruit Kia Jackson, from Chicago. “My financial goals are to save $50,000 and have my loans paid off in my three years in Japan.”
Specific, measure, action oriented, realistic and timely manner (SMART) goals give Sailors a plan to succeed in their goals of attaining wealth.
“I did not start having financial goals until after college,” said Jackson. “I didn’t realize how important it was until I was on my own taking care of myself. I learned I needed to create a budget plan with each paycheck or I would still be in financial troubles.”
Some consequences of financial mismanagement within the military lifestyles are: loss of clearance, non-judicial punishment, bad credit score, loss of desired duty station, admin separation and more.
“On top of my financial goal of $50,000, I also invest in my thrift savings plan and Roth thrift savings plan,” said Jackson. “I want to be financially stable and wealthy when I get older and I know I have to do it now while I am young.”
There are more than ten million people who are millionaires worldwide.
“The earlier you invest on savings for retirement, the less you need to invest later,” said Marino. “We encourage young Sailors for the million dollar sailor class because it is important for them to start planning their financial goals and develop good spending habits as early as possible. We are here to support the Sailors who can easily fall into financial troubles, especially in an overseas environment away from their families.”
George Washington returned to its forward-operating location of CFAY from its 2012 patrol on Nov. 20. The Nimitz-class aircraft carrier and its embarked airwing, Carrier Airwing 5, provided a combat-ready force that protected the collective maritime interest of the U.S. and its partners and allies in the Asia-Pacific region.